MGM Resorts International’s stock prices rise after reporting 26% increase in consolidated revenue

Trending News ☀️

MGM ($NYSE:MGM) Resorts International is a global hospitality and entertainment company that owns and operates a number of iconic hotels and casinos. The addition of the Aria and Vdara hotels to the company’s portfolio helped to boost the tally from the Vegas segment. Increased business volume and travel activity, primarily at the Las Vegas Strip Resorts, were also cited as growth drivers. Revenue from Las Vegas Strip properties increased by 67% overall, amounting to $2.1B.

The company has been proactive in implementing safety measures to protect guests and employees, and its efforts are clearly paying off. With the global vaccine rollout underway, there is reason to believe that the worst of the pandemic is behind us. As travel restrictions ease and more people are vaccinated, we can expect to see even more growth from MGM Resorts International in the quarters to come.

Earnings

In its latest earning report for the fiscal year 2022 second quarter ending June 30, MGM Resorts International reported consolidated revenue of $11.9 billion, an increase of 26% over the same period last year. The company also reported net income of $3.2 billion, an increase of 146.2% over the same period last year. This marks a significant increase in both revenue and profit for the company compared to the previous year. In the last three years, MGM Resorts International’s total revenue has grown from $5.2 billion to $11.9 billion.

The company attributed the strong results to increased demand for leisure and gaming activities as the economy continues to recover from the pandemic. MGM Resorts International operates a number of world-famous resorts and casinos, including Bellagio, MGM Grand, and Mandalay Bay.

Market Price

Right now, media exposure for the company is mostly neutral. MGM RESORTS INTERNATIONAL opened at $35.9 on Wednesday and closed at $35.1, down by 2.3% from prior closing price of $35.9.

VI Analysis

MGM RESORTS INTERNATIONAL is a good long-term investment. The company’s fundamentals reflect its long term potential. MGM RESORTS INTERNATIONAL is a medium risk investment in terms of financial and business aspects. The company has 1 risk warnings in its income sheet.

VI Peers

MGM Resorts International is one of the world’s leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay, The Mirage, and more. The company’s competitors include SkyCity Entertainment Group Ltd, Wyndham Hotels & Resorts Inc, and Cruzani Inc.

– SkyCity Entertainment Group Ltd ($NZSE:SKC)

SkyCity Entertainment Group Ltd is a casino and hospitality company based in New Zealand. The company has a market cap of 2B as of 2022 and a Return on Equity of 3.48%. SkyCity operates four casinos in New Zealand, two in Australia, and one in Chile. The company also has a number of hotels, restaurants, and bars.

– Wyndham Hotels & Resorts Inc ($NYSE:WH)

Wyndham Hotels & Resorts, Inc. is one of the largest hotel companies in the world, with over 9,000 hotels across more than 80 countries. The company offers a variety of hotel brands, including Wyndham, Ramada, Days Inn, Super 8, and Howard Johnson. Wyndham Hotels & Resorts is headquartered in Parsippany, New Jersey. The company’s market cap is 6.2B as of 2022 and its ROE is 30.65%.

Summary

MGM Resorts International is a leading global hospitality company with a portfolio of iconic destination resorts that include major gaming and entertainment experiences. The company also owns and operates a premier real estate development and management company. MGM Resorts International has a long history of delivering shareholder value and is committed to continuing to do so in the future. The company’s strategy is focused on growing its core businesses, diversifying its revenue streams, and reducing its costs.

First, the company has a strong portfolio of iconic destination resorts that are very popular with travelers. Second, MGM Resorts International is committed to delivering shareholder value and has a solid track record of doing so. Finally, the company has a strong focus on cost-reduction, which should help it continue to generate strong profits in the future.